INNOVATE (NYSE:VATE) Cut to Buy at Wall Street Zen

Wall Street Zen downgraded shares of INNOVATE (NYSE:VATE) from a strong-buy rating to a buy rating in a report released on Saturday,Wall Street Zen reports.

Separately, Weiss Ratings reiterated a “sell (e+)” rating on shares of INNOVATE in a report on Thursday, August 13th. One analyst has rated the stock with a Sell rating, According to MarketBeat.com, the company has a consensus rating of “Sell”.

INNOVATE Stock Performance

Shares of VATE opened at $7.14 on Friday. The firm has a market cap of $97.44 million, a PE ratio of -3.82 and a beta of 2.33. The firm’s 50 day moving average price is $8.24 and its 200 day moving average price is $10.20. INNOVATE has a twelve month low of $3.75 and a twelve month high of $21.30.

INNOVATE (NYSE:VATE) last posted its earnings results on Thursday, August 6th. The company reported $0.71 EPS for the quarter, topping the consensus estimate of ($2.18) by $2.89. The business had revenue of $421.60 million during the quarter, compared to the consensus estimate of $251.70 million.

Institutional Investors Weigh In On INNOVATE

A number of large investors have recently added to or reduced their stakes in VATE. Bank of New York Mellon Corp acquired a new position in INNOVATE during the second quarter valued at approximately $274,000. Gabelli Funds LLC raised its position in shares of INNOVATE by 11.2% in the fourth quarter. Gabelli Funds LLC now owns 18,900 shares of the company’s stock valued at $85,000 after purchasing an additional 1,900 shares during the period. Finally, ARS Investment Partners LLC lifted its stake in shares of INNOVATE by 121.9% in the fourth quarter. ARS Investment Partners LLC now owns 102,442 shares of the company’s stock worth $463,000 after buying an additional 56,276 shares during the last quarter. Institutional investors own 34.28% of the company’s stock.

About INNOVATE

INNOVATE Corp., through its subsidiaries, operates in infrastructure, life sciences, and spectrum areas in the United States. The Infrastructure segment provides industrial construction, structural steel, and facility maintenance services, such as fabrication and erection of structural steel and heavy steel plate services, and large-diameter water pipes and water storage tanks; fabrication of trusses and girders; and 3-D building information modeling and detailing for commercial, industrial, and infrastructure construction projects, such as buildings and office complexes, hotels and casinos, convention centers, sports arenas and stadiums, shopping malls, hospitals, dams, bridges, mines, metal processing, refineries, pulp and paper mills, and power plants.